When you retire, you no longer have to go to work everyday. Most people choose to live within a reasonable distance of where they work and buy a home within commuting distance. After retirement, there is no longer a need to live within commuting distance and retirees must make a choice on whether they will keep their existing home or sell it and move somewhere that they want to live. Ignoring this choice is actually a choice to keep their existing home.
Why sell your home in anticipation of retirement?
There are a number of reasons to consider selling your home. The home may be larger than what you need or want in retirement. It could also be in a neighborhood that you no longer want to live in. Many families decide where to live based on the quality of the schools in an area. But once the children have gone through school, it?s a good time to take a fresh look at the neighborhood.
Retirees may choose to be closer to recreation or shopping facilities than an elementary school. An existing home could also be too expensive to maintain. Or, it may just be too big to maintain.
Even if you still enjoy the home and the neighborhood, children and grandchildren may have moved away and retirement presents an opportunity to move closer to them.
After making an informed decision on whether to keep a home or sell and move, the financial realities must be considered. Some homes may be difficult to sell due to market conditions. In time, a recovery should allow prices to recover but that may not be much comfort to a newly retired grandmother who wants to move closer to her grandchildren.
Reverse mortgages can help you no matter what the right decision on your home is. If you decide to keep your home and enjoy your golden years in the home you raised your family in, a reverse mortgage could provide funds for maintenance or remodeling.
If you want to sell but the market isn?t cooperating, a reverse mortgage could provide funds and help you endure the downturn while waiting for a recovery.
New homes can also be purchased with a reverse mortgage. This option could free you from a monthly payment and allow you to enjoy retirement without a large bill for housing due every month.
You worked hard to retire and now enjoy to deserve that time. Your house should be part of that enjoyment and a reverse mortgage could be a source of the funds that alleviate any worries about housing.
Leo is an avid patroller of the mortgage, reverse mortgage, and retirement industry! Leo enjoys keeping up to date and reporting on important issues that are in the news. He also likes educating people on how both the traditional and reverse mortgage industry works
Leo Franklin
Related posts:
- Financing Retirement With Your Home
- Reverse Mortgages Can Change Your Home Into the Home of Your Dreams
- Country Clubs Cutting Prices, Giving Retirees Options
- Make Your Home Part of the 4% Retirement Income Rule
- Sell and Rent Could Be Recipe for Financial Problems
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